SemGroup rallies on rejected buyout from PAA

SteveGelsi

NEW YORK (MarketWatch) -- Plains All American Pipeline L.P.
PAA, -3.04%
said Monday that SemGroup Corp.'s
SEMG, -1.48%
board of directors rejected its buyout offer of $24 a share that would have valued the pipeline firm at $1.24 billion. Plains All American Pipeline said the board should reconsider its offer. "We are confident that a substantial majority of SemGroup's stockholders will support our proposal," Plains said. Shares of SemGroup jumped 12.5% in pre-market trades to $26.50 a share. The stock closed at $23.56 on Friday.

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